Running your small business can be difficult, not only are you selling your product or service, marketing your product or service, as well as everything else, you’ve also got to complete your accounts – quickly and accurately! That’s why you need an accounting software that suits you, your business and does everything you need it to, as simply as possible.
Why do I need to use accounting software?
Using accounting software can boost your revenue as you’ll be able to see your data flow and control your workflow. This in turn can grow your business due to the increased efficiency, greater use of resources, and the ability to manage your expenses. Of course, accounting software is not for every business, and if you have a low turnover, perhaps using a spreadsheet is adequate for your business’s needs. However, for those looking for their perfect accounting software platform, here we’ve reviewed our recommended top 4 accounting software platforms, designed to help your small business run smoothly and effectively.
Xero Accounting Software – Summary
Xero accounting software is designed for small business owners, providing you with the tools needed to grow your business. It brings all the information you need, including invoices, payroll, expenses, VAT, reporting and much more into one easy to use space.
Xero Accounting Software – Advantages
You have 3 price options to choose from, all of which include Xero’s business essentials, such as, automatic bank feeds, the mobile app, access for unlimited users, automatic secure back-ups and much more.
- Xero is very simple to use, perfect for if you’re new to completing accounts.
- Xero offer a free trial so you can see how the software works to determine whether you like the software and if it is suitable for your business.
- Xero offer a mobile app, designed to make completing your accounts on the go easy and accessible.
Xero Accounting Software – Disadvantages
- You must have internet connection to use the software.
- Xero don’t offer Live Support
- Xero does not estimate quarterly taxes.
Pricing: Starter – £10pcm, Standard – £22pcm, Premium – £27.50pcm
Sage Accounting Software – Summary
Sage accounting software is ideal for small, growing businesses. It provides you with the tools needed for standard accounting, such as, cash flow management, invoicing, producing customisable reports, and much more. They offer free 24/7 telephone support so if you ever need expert advice, it’s always available to you – of course you can also contact us as we’re a Sage Accounting Partner, so we can help guide you through whatever you need assistance with.
Sage Accounting Software – Advantages
- Sage offer various packages you can purchase dependent on your needs, starting from only £3 per month.
- The technical support offered by Sage is prompt and helpful
- Your business can grow with Sage as they offer plans for businesses of all sizes, from sole traders to 200 employees.
Sage Accounting Software – Disadvantages
- You need to have a little knowledge of accounting to be able to use the software effectively.
- Can be hard to navigate.
- You need an internet connection to use the software.
Pricing: Sage One Start – £3pcm, Sage One Accounting – £10pcm, Sage Live – tailored quote.
Quickbooks Accounting Software – Summary
Quickbooks is designed for small business accounting, allowing you to see your accounts in real-time, easily track unpaid invoices, automatically download bank transactions, and capture expenses on the go.
Quickbooks Accounting Software – Advantages
- Quickbooks offer 3 various product prices, from a specialised self-employed plan, to more complex plans suited to small businesses.
- Quickbooks offer a 30-day free trial so you can test the software for yourself.
Quickbooks Accounting Software – Disadvantages
- Unable to look at more than one invoice and bill at the same time.
- Quickbooks can be hard to navigate and learn at first.
Pricing: Self-employed – £6pcm, Essentials – £15pcm, Plus – £25pcm
FreeAgent Accounting Software – Summary
FreeAgent has all the features you need for your small business accounting. With hassle-free expense tracking, invoices that send and chase themselves, and automatic bank feeds, FreeAgent provides an easy approach accounting software.
FreeAgent Accounting Software – Advantages
- FreeAgent provide a well organised platform that is easy to use.
- The Customer Service team at FreeAgent are always available and helpful.
FreeAgent Accounting Software – Disadvantages
- At the expensive end of the accounting software market.
- Needs improvements in key areas, such as, reporting.
- Cannot create custom accounting reports that you use regularly.
Pricing: Sole Trader – £19pcm, Partnership – £24pcm, Limited Company – £29pcm.
If you would like further information on any of these accounting software platforms, please do not hesitate to contact Franks Accountants today. We will do our best to guide you through your options and find the perfect accounting software, suited to your business’s needs.